In an environment more conversant with traditional prescriptions and herbal medicine, setting up a Pharmaceutical Industry can be a daunting task. How do you make or sell medicine to people who don’t believe in it? Especially where exercise is considered stress and going to the hospital is not the norm, it would be quite difficult to convince the neighborhood that your business is there to help them not exploit them.
The pharmaceutical market is quite flooded today. There are a lot of distributors floating around randomly popping at you every next turn. They are sprinkled around the motor parks and bus stops. In your neighborhood, they may occasionally knock on your door. Setting up an industry at this point is just like joining the throng of people swarming the market.
These factors need not discourage you. Each business just needs to distinguish itself. Establishing yourself in the Pharmaceutical world just needs some time. Here are a few things you should consider.
#1. Acquire Relevant Knowledge
Acquire relevant knowledge about the industry and your environment. Don’t jump into the water without knowing how to swim. Learn from an existing business. Acquire the relevant experience too. You may opt for an internship so you can witness operating procedures first hand. This gives you the chance to learn various aspects of the business which would make you a better-rounded investor. This includes finances and customer relations. When you place yourself in the daily running of the company, it inspires you and opens your eyes to how you can contribute a better service experience in your own company. It is advisable to also learn how the company goes about its sales. Make effort to connect with its customers and get acquainted with the network.
There is also a need to research about the drug you are going to be producing. Most of this will be in a laboratory setting. Ensure that your product is well tested and meets the recommended standards. Provide the necessary scientific backing for your product as well. Ensure that the environment for testing is suitable.
It is very important to get your business registered. It is also advisable to follow the rules and regulations of the Pharmaceutical Council of Nigeria so as not to risk a dent in your reputation. Ensure you are properly registered. For legal credibility, it is better to go through a lawyer to register with the Corporate Affairs Commission (CAC). Having the backing of these two bodies gives your business more validity and gives customers a bit of peace of mind. You will also need a licensed pharmacist if you aren’t one, who is also properly registered. The service of this pharmacist is crucial in the running of your business to ensure that the drugs properly handled.
Scout for a good location. Consider the space and the amenities available. You would want to ensure that your business is visible to the public. Position yourself at a strategic location so that you can be readily accessible.
If you consider setting up a Pharmacy, avoid pitching near an existing pharmacy. If there is a hospital in the area, that would be a great location. Another option would be near a thriving business or near an office. Setting up beside an existing pharmacy would pose competition for your business, though you can still gather customers if your services are exceptional.
#5. Start Small
Don’t be afraid to start small. Big things often have small beginnings. Be prepared to nurture your business so that it can have a healthy growth in the market. You may want to start with a mini factory so that you have an idea of how your business will thrive in the environment. Producing a specific product for a larger company can also help you ease your way into the market. You may also to choose to run your own Pharmacy first and later produce drugs. Keep adding value and you will be amazed at your progress.
Establish your brand through direct and persuasive marketing. Take advantage of the current media to reach more customers. Try to make your strategy engaging so as to keep people interested. Make your brand appealing to your customers through promotional materials and other media. Ensure that your audience includes medical practitioners because they help provide practical guidelines about your product to customers.
A lot of people are skeptical about this. But it has its benefits. Don’t hesitate to partner up with other people in the line of business. This doesn’t necessarily mean combining businesses. It’s more of inspiring one another. No man is an island and together more gets done. Gleaning off their expertise will help you. Offering support to one another can foster a better environment for your business to thrive.
At the end of the day, it’s all about your diligence and determination. A lot of environmental factors will weigh you down. These include the unstable power supply, insufficient amenities, and the accessibility of roads to name a few. But setting up a Pharmaceutical Industry or a Neighborhood Pharmacy is possible. Be resilient in your approach and desire to bring value into the market. Are you running a Pharmaceutical Business? Share your thoughts!